Tidal specialist Atlantis Resources hails £5m bond offer

Marine power pioneer Atlantis Resources has welcomed its initial bond offering, raising the target amount of £5 million.

Atlantis Resources chief Tim Cornelius is considering follow-on bond offerings. Picture: Jon Savage

The Ocean Energy Bond matures in 2022 and was offered via Abundance Investment’s regulated green peer-to-peer investment platform.

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Edinburgh-based Atlantis, which is behind the MeyGen tidal energy project in the Pentland Firth, said that along with the capital raised in its recent £4.1m placing, the funds are expected to help grow its business, “to repay some more expensive debt, and to provide general working capital”.

Chief executive Tim Cornelius said: “Appetite for this bond was very strong, which demonstrates the public’s interest in investing in the development of tidal power projects across the globe and the predictable returns they will deliver.”

He added that such demand “has caused us to consider follow-on offerings”, with a second in the next year being considered.